UPDATE: Stifel Nicolaus Upgrades Canadian Natural Resources to Buy; Valuation Attractive

Stifel Nicolaus upgraded Canadian Natural Resources

from Hold to Buy and announced a $38.00 price target. Stifel Nicolaus analyst Amir Arif commented, "We believe that the relative underperformance to the EPX provides an attractive entry point. The recent improvement in heavy oil, synthetic diffs, and strong Horizon production volumes YTD are not reflected in the stock and should allow for a strong 1Q13, consensus 2013 CFPS has upside relative to current heavy oil diffs, and CNQ provides very strong leverage to further expected improvements in heavy oil diffs in 2H13. Decision on Keystone XL could move the stock in the near-term, but its impact is on 2015+ volume outlook, which we view as the largest risk to the name." Canadian Natural Resources closed at $31.14 on Wednesday.